Posts Tagged ‘tax’

The IRS is More Accommodating Thanks to Legislation of a Few Years Back

Congress was getting bombarded with people saying that the IRS was treating them terribly, so they did something about it.

Even though the IRS still has a bad reputation with a lot of people, it is still considerably much easier to deal with than it was just a few years ago.  The IRS was actually forced [...]

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Tax Return Filed Late Deemed Not Dischargeable In Bankruptcy

In the bankruptcy case of McCoy, Linda T.; In re (McCoy v. Missis­sippi State Tax Commission), the bankruptcy court deemed a Chapter 7 bankruptcy debtor’s income taxes for 1998 and 1999 nondischargeable in bankruptcy.
The bankruptcy case said:
“The debtor received a Chapter 7 discharge on Jan. 23, 2008. On Dec. 3, 2008, she filed an adversary [...]

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Getting Relief from Tax-Debt Garnishments

Most people have at least passing knowledge of wage garnishment–the process of deducting money from an employee’s monetary compensation (including salary) as a result of a court order.  Fortunately for those who find themselves in the unfortunate position of having their wages garnished, these payments are limited by federal law to 25 percent of the [...]

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Tax Levy

If you owe taxes and despite having received Letter 1058 – Final Notice of Intent to Levy and you have not request for a Collection Due Process Hearing with 30 days from the date of Letter 1058, the IRS can levy your bank account, wages and other assets to collect back taxes.

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Foreclosure Tax Liability

A foreclosure could subject you to tax liability. Never overlook this aspect of foreclosure. The tax rules are complex, and subject to interpretation. The Internal Revenue Service will treat a foreclosure as a sale and you will receive a Form 1099C for the amount your lender or a third party bids at the foreclosure sale.

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